Panacea Biotec Ltd has filed a defense and counterclaim against Human Vaccine LLC in an ongoing litigation. Subject to the outcome, the company may be liable to refund $7 million plus interest. The dispute centers around contractual obligations and vaccine supply agreements
Panacea Biotec Ltd, a key player in India’s biopharmaceutical sector, is currently embroiled in a legal dispute with Human Vaccine LLC, a subsidiary of the Russian Direct Investment Fund (RDIF). The company has filed a defense and counterclaim in response to allegations related to a vaccine supply agreement.
According to regulatory filings, Panacea may be liable to refund $7 million plus interest, contingent on the final outcome of the litigation. The dispute reportedly stems from contractual disagreements over the supply and distribution of Sputnik V COVID-19 vaccines, which Panacea was licensed to manufacture and distribute in India.
Panacea has stated that it is vigorously contesting the claims, and the matter is currently under adjudication. The company maintains that it has fulfilled its obligations and is seeking relief through its counterclaim.
Notable Updates:
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Litigation Parties: Panacea Biotec vs. Human Vaccine LLC (RDIF subsidiary)
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Potential Liability: $7 million refund plus interest
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Nature of Dispute: Contractual obligations tied to Sputnik V vaccine supply
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Company Response: Defense filed; counterclaim initiated
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Status: Case under adjudication; outcome pending
Panacea’s legal strategy aims to protect its financial interests while asserting compliance with contractual terms.
Sources: Reuters, Business Standard, Panacea Biotec Exchange Filing